Amid all the crises banking industry has been going through in the recent past, job vacancies in the BFSI sector broke all records, showed Naukri.com’s latest jobspeak trend report as the Jobspeak Index for banking reached an all-time high of 4555 in March 2023 compared to 3138 in March 2022.
Job Vacancies in banking are up 45 per cent year-on-year (YoY), where non-metro cities are driving the growth. Beyond BFSI, the hiring landscape in India displayed cautious optimism as the job opening is up by 5 per cent over last year and flat against last month, states the report.
According to the report, the insurance and banking sectors are witnessing a surge in new job creation, significantly contributing to the upward hiring trend in the overall white-collar job market of India. The new jobs created in the insurance sector recorded a 108 per cent growth in March 2023 compared to March 2022. The promising aspect of this growth is its geographical spread, where vacancies in cities as diverse as Ahmedabad, Vadodara and Kolkata increased by 145 per cent, 72 per cent, and 49 per cent, respectively.
As per the report findings, the IT sector saw a steep decline of 17 per cent in new jobs created compared to March last year. This decline is recorded both from large IT giants and unicorns. In addition, vacancies for high-demand roles such as big data engineers, DevOps, and software development engineers, which were on a growth path until recent times, have declined in March 2023 by 20 per cent, 9 per cent, and 6 per cent, respectively.
New jobs created in other non-tech sectors, such as oil, real estate, FMCG, and hospitality, increased by 36 per cent, 31 per cent, 14 per cent, and 7 per cent, respectively, compared to last year’s base.
However, specific non-tech sectors, like retail, education, and BPO, showed cautious hiring sentiment with a 4 per cent, 2 per cent, and 2 per cent decline in hiring activity, respectively, showed the report.
Among non-metro cities, Vadodara leads hiring trends with a 50 per cent growth in new job creation compared to last year, followed by Ahmedabad, Jaipur, and Kochi with 49 per cent, 29 per cent, and 13 per cent growth, respectively.
In metro cities, Mumbai and Delhi-NCR observed positive hiring momentum, with 17 per cent and 7 per cent growth in new job creation, respectively. Whereas Bangalore, Hyderabad, and Pune have experienced a 12 per cent, 11 per cent, and 2 per cent dip in job creation, respectively.
Even in the metro cities, the majority of job growth was also driven by non-IT sectors such as insurance, real estate, and automotive sectors, shows the report.
Mid-level professionals have experienced a significant surge in demand, with a 14 per cent growth compared to the previous year. However, this was followed by a period of stagnation in recent months. In contrast, hiring activity for entry-level professionals remained unchanged compared to last year, according to the data collected in the report.
At the report’s launch, Pawan Goyal, Chief Business Officer, Naukri.com, said, “The BFSI sector’s growth in a cautious job market signals resilience of the Indian economy and the expanding horizons of the white-collar job landscape. Non-metro cities are proving to be the catalysts for change, redefining the employment narrative in India.”
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